Investing in Real Estate Debt: Is it Real Estate or Fixed Income?
通过蒙特卡洛模拟分析房地产债务的风险收益特征，发现优先债务更像固定收益，而夹层债务与房地产相关，尤其在下跌时。研究对投资者判断债务类别和稀缺性下的投资价值有帮助。
This paper will analyze the risk return profile of real estate debt. Using a Monte Carlo simulation model, different debt layers (mezzanine and senior) are analyzed and compared to real estate investments. The results clearly show that senior debt is not heavily correlated to real estate and therefore behaves more like fixed income and should be valued accordingly. Mezzanine, however, is correlated to real estate, especially the downside, and should clearly be underwritten as such. Furthermore, due to a scarcity of finance, debt can show superior risk return characteristics over direct real estate and private funds. This scarcity is likely during periods of thin liquidity and uncertain valuations on the balance sheet, as recently demonstrated by the global financial crisis.